Energy price cap urgently needed

• Inquiry: Pre-legislative scrutiny of the draft Domestic Gas and Electricity (Tariff Cap) Bill
• Business, Energy and Industrial Strategy Committee

Put an end to the overcharging of millions of customers

Rachel Reeves, Chair of the Business, Energy and Industrial Strategy Select Committee said in response to the Government's introduction today of the Domestic Gas and Electricity (Tariff Cap) Bill:

"An energy price cap is urgently needed to help fix the broken energy market and protect consumers. I'm pleased the Government have listened and agreed to the BEIS Committee's recommendations to put an end to the overcharging of millions of customers stuck on default and standard variable tariffs (SVTs).

Our report was unanimously agreed by the Committee, the Bill has cross-party support, and both Conservative and Labour election manifestos included a commitment to an energy price cap. Energy consumers have been overcharged for too long and the Government now needs to quickly ensure this legislation is passed in time to protect customers next winter".

On 13 February, the Business, Energy and Industrial Strategy (BEIS) Committee published a report on the Government's energy price cap draft Bill.

The Committee found the current energy market is broken and penalises customer loyalty. The Committee also found that the Big Six had brought the introduction of a price cap upon themselves by their raising of prices in 2017 and by failing to take effective action against the overcharging for years of their customers on default and standard variable tariffs (SVTs).

Further information

• About Parliament: Select committees
• Visiting Parliament: Watch committees

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